Dogecoin Price To Target $0.15 Following $0.105 Bounce

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As a seasoned analyst with over two decades of experience in the crypto market, I have witnessed the rise and fall of countless digital assets. Yet, Dogecoin continues to intrigue me with its resilience and unyielding meme culture.

The price of Dogecoin might increase to around $0.15 in the near future, given that it’s maintaining its position above the significant support point at $0.015. Analyst Kevin Capital anticipates that this popular meme coin could see further growth if it manages to hold the support level at $0.105. However, Dogecoin may encounter resistance in the range of $0.13 to $0.14 as it attempts to break through and move upward.

Dogecoin Price Set For A Rally To $0.15

The popular meme coin, Doge (DOGE), appears poised for a surge towards $0.15, according to Kevin’s recent post on X. This optimistic outlook stems from the successful retest of $0.105 as a support level. Kevin views this price point as a significant line in the sand, implying that if DOGE manages to maintain its position above it, we can expect further upward momentum for the top meme coin. In other words, a drop below this support level could potentially halt its uptrend.

Another point to consider is the influence of Bitcoin on the market, since an analyst mentioned that Bitcoin should maintain its value above $60,000 for prices to continue rising. Data from IntoTheBlock indicates a strong positive relationship between Bitcoin and Dogecoin prices. Consequently, Dogecoin could experience a substantial price decrease if Bitcoin falls below $60,000.

Currently, Dogecoin (DOGE) might encounter notable resistance between approximately $0.13 and $0.14. According to crypto analyst Crypto Yapper, the meme coin has already been turned away at this crucial horizontal level. He anticipates that DOGE will likely need to surpass this price range as it attempts to reach $0.15.

Dogecoin Price To Target $0.15 Following $0.105 Bounce

Network Growth Supports A Price Rally

crypto expert Ali Martinez recently disclosed data from IntoTheBlock, indicating a substantial expansion within the Dogecoin network over the past week. This growth trend suggests a positive forecast for Dogecoin’s price. The analyst highlighted an impressive 72% rise in newly created DOGE wallets. Furthermore, he mentioned that an estimated 19,630 new wallets were added to the network on September 30th.

Dogecoin Price To Target $0.15 Following $0.105 Bounce

The significant rise in new Dogecoin accounts might be linked to the recent proposals for integrating smart contracts into the network. Through their partnership with Nexus, QED protocol is set to introduce a zero-knowledge virtual machine (zkVM) onto the network. This integration could boost decentralized finance (DeFi) transactions. Consequently, it’s plausible that these newly activated accounts are in response to the upcoming launch of smart contracts.

It’s worth noting that a substantial increase in large transactions for Dogecoin has been observed, suggesting a trend of accumulation among its prominent investors (DOGE whales). According to IntoTheBlock data, approximately 7.83 billion DOGE coins were traded within the last day, which could potentially fuel a price surge for Dogecoin given the influence these whales have on the market.

Dogecoin Price To Target $0.15 Following $0.105 Bounce

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2024-10-01 21:57